Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Dex Media Plan Effective

Dex Media's Amended Joint Prepackaged Chapter 11 Plan Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on July 15, 2016. Material terms of the confirmed Plan include the following: Total debt will be reduced from $2.4 billion to $600 million; Senior secured lenders will exchange their current $2.12 billion in claims for a new $600 million first-lien term loan, 100% of the equity of the reorganized Dex Media (subject to dilution from a management incentive plan) and a cash distribution upon emergence from bankruptcy; Unsecured noteholders will receive a $5 million cash payment and warrants to purchase up to 10% of the post-reorganized equity in exchange for their approximately $300 million in claims. All allowed trade vendor claims will be paid in full. This marketing solutions' provider filed for Chapter11 protection on May 16, 2016, listing $1.3 billion in pre-petition assets.

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